(A) There is approved and established a depreciation account for the Marion Municipal Airport for the purpose of accumulating funds from the operating profits of the airport for the construction of capital improvements upon the Marion Municipal Airport and further for the repair, replacement and maintenance upon the capital improvements located on the Marion Municipal Airport.
(B) It is further determined that the income and revenues received from the cash rental of farm ground located upon the Marion Municipal Airport shall be set aside into a depreciation account for the exclusive purpose as provided for herein, which depreciation account may be carried from year to year without reversion to the General Fund as provided by statute.
(C) The Marion Board of Aviation Commissioners shall further be entitled, as provided by statute, to utilize and expend said funds for the sole purpose of the cost of construction of capital improvements, extensions or additions or further for the repair, replacement or maintenance to the buildings, facilities and other capital improvements located at the Marion Municipal Airport.
(D) The Marion Board of Aviation Commissioners shall be empowered to utilize such depreciation fund for payment of capital improvements which are made pursuant to grant agreements with the Federal Aviation Authority or the State of Indiana, and upon reimbursement of such funds from the appropriate governmental agency shall repay such depreciation fund with the proceeds from the grant agreement.
(Ord. 15-1989, passed 4-18-1989)